Sir a revaluation surplus will result in the following entries:
Dr P,P & Equip
Dr Accumulated depreciation
Cr Revaluation Reserve
In ascertaining the revaluation surplus, do we use the NBV of the asset now being revalued at the revaluation date or is it the initial cost of the asset?
Secondly sir, why do we need to debit accumulated depreciation?
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SBRRevaluation of Assets
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